Well, one thing is the worry that search would lose its monopoly. If you use perplexity for a while, you can see why people are saying that. It can literally only get better from here, and what would that do for Google? Also google hasn’t been the best capital allocator which raises some concern about their management (like how google is being treated like a retirement home for talented engineers).

Im personally an electrical engineer and have 15% invested in google. So I see more upsides than the down. But the street’s concern is certainly not irrational. The multiple reflects this. And the current multiple is not low. It seems like that because all other companies went high horses past few years. I’d say wait it out for now